TradeStalker's
R.B.I. Trader's Update
10 / 15 / 2008
(Published Since 1996)
...............................................
Dateline: 7:47 pm eastern time, 10/15/2008
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The market opened lower on Wednesday and kept dropping until
reaching 950.25 on the SP futures. The market bounced a bit
after lunchtime trading, but after getting to the 961.50-
963.00 resistance area, the bounce was reversed. From a
962.00 bounce high, the SP futures fell to 927.00 before a
bounce occurred. The jabs higher got the SP to 948.50 but
the pattern was a bad one and the market rolled over and
sold off into the close.
The market opened on its highs and closed on its lows in a
basic trend down day on Wednesday. A test of the lows
appears to be in the works, but at some point the market
will put together a decent bounce. The bounces will still
offer good shorting opportunities, especially if we get a
bounce of around 20 points on the SP futures that fizzles
out.
The market is weak as this is written. If the market stays
down here and opens lower, watch the first 15 minutes for a
reversal. If that occurs, then a decent bounce should
follow. Just don't overstay your welcome on the long side as
the market is still vulnerable to more hard selling.
The first big hurdle on Thursday is at the 927.00-928.00
area on the SP futures and the 1274.00-1275.00 area on the
Nasdaq futures. If the market gets near those areas and
stalls or reverses it's a great shorting opportunity. If
those are cleared, then the key resistance is at the 948.50-
949.00 area on the SP futures and the 1306.50-1308.00 area
on the Nasdaq futures. If the market gets back up there and
doesn't fail, then things are changing. If the market gets
there and reverses, then get short and put a stop just over
that zone. If the market keeps going through those areas
without stalling there, then we should have good resistance
at the 961.50-963.00 area on the SP futures and the 1326.75-
1327.50 area on the Nasdaq futures. If the market has a good
rally for some reason, then the 970.00-971.00 area on the SP
futures and the 1351.50-1352.75 area on the Nasdaq futures
would be next.
The initial support is at the 893.00-892.00 area on the SP
futures and the 1219.00-1218.00 area on the Nasdaq futures.
If those break then there is some support near the 885.00-
884.00 area on the SP futures and the 1201.00-1200.00 area
on the Nasdaq futures. If there isn't a reversal there, then
the next support is down at the 874.50-873.50 area on the SP
futures and the 1188.50-1187.00 area on the Nasdaq futures.
If those are broken, then we could cave again and head
towards the 846.00-844.50 area on the SP futures and the
1151.50-1148.00 area on the Nasdaq futures. The major
support is at the 838.50-838.00 area on the SP futures.
December 2008 SP futures resistance
symbols: emini = esz8 / big contract =spz8
927.00-928.00
948.50-949.00
961.50-963.00
970.00-971.00
December 2008 SP futures support
symbols: emini = esz8 / big contract =spz8
893.00-892.00
885.00-884.00
874.50-873.50
846.00-844.50
838.50-838.00
December 2008 Nasdaq futures resistance
symbols: emini = nqz8 / big contract = ndz8
1274.00-1275.00
1306.50-1308.00
1326.75-1327.50
1351.50-1352.75
December 2008 Nasdaq futures support
symbols: emini = nqz8 / big contract = ndz8
1219.00-1218.00
1201.00-1200.00
1188.50-1187.00
1151.50-1148.00
December 2008 Dow futures resistance
symbols: emini = ymz8
8742-8749
8937-8943
9027-9036
9091-9098
December 2008 Dow futures support
symbols: emini = ymz8
8413-8408
8328-8322
8235-8228
7976-7967
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http://www.tradestalker.com/members
---------------------------
Good Trading,
Mike Reed
Copyright (c) 2008 by TradeStalker.com, Ft Wayne, IN.
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permission.
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Disclaimer
The financial markets are risky. Investing is risky.
Past performance does not guarantee future performance.
The foregoing has been prepared solely for informational
purposes and is not a solicitation, or an offer to buy
or sell any security. Opinions are based on historical
research and data believed reliable, but there is no
guarantee that future results will be profitable.
We are not advocating trading futures. The prices and
contracts in the TradeStalker Updates specify a manner
in which you could trade. We occasionally mention the
SP500 and Nasdaq futures markets because it is
extremely liquid and tends to lead the other markets.
This is not an endorsement or recommendation of the SP500
and Nasdaq futures markets. The risk of loss in futures
is substantial. You can lose more than your original
investment. We are not Registered Investment Advisors or
Commodity Trading Advisors.
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